5 Latest Stock Picks of Billionaire Steve Cohen

4. Applied Materials, Inc. (NASDAQ:AMAT)

Stake Value of Point72 Asset Management: $116,304,000

Percentage of Point72 Asset Management’s 13F Portfolio: 0.46%

Number of Hedge Fund Holders: 78

Applied Materials, Inc. (NASDAQ:AMAT) is another semiconductor stock that caught the attention of Point72 Asset Management in the fourth quarter of 2021. The fund’s stake in the company as of December 31 is valued at $116.3 million, which makes up 0.46% of the fund’s $25.04 billion investment portfolio.

This February, UBS analyst Timothy Arcuri raised his price target on Applied Materials, Inc. (NASDAQ:AMAT) to $160 from $150 while maintaining a ‘Neutral’ rating on the shares.

Applied Materials, Inc. (NASDAQ:AMAT) released its earnings data for the fiscal first quarter of 2022 on February 16, 2022. The company reported earnings per share of $1.89, beating EPS estimates by $0.04. Revenue for the quarter was approximately $6.27 billion, up 21.48% year-over-year and beating estimates by $110.91 million. Moreover, the stock has gained 10.83% over the past year.

Applied Materials, Inc. (NASDAQ:AMAT) was found to be in 78 hedge funds’ portfolios by the close of Q4 2021. The total value of the stakes held by these funds was $5.43 billion, up from $4.32 billion at the close of Q3 2021, when 68 hedge funds were long AMAT.

LRT Capital Management shared its insights on Applied Materials, Inc. (NASDAQ:AMAT) in its third quarter 2021 investor letter. Here’s what the firm had to say:

“Compare Rivian to Applied Materials (AMAT), a semiconductor equipment supply company that specializes in the “frontend” (primarily patterning) of the semiconductor manufacturing process. The company makes products that are critical to making modern computer chips. It has a market cap of approximately $145 billion dollars. It, also, generated $0 from selling EVs over its lifetime. However, Applied Materials generated $21 billion in revenue and $5.1 billion in net income over the past twelve months alone in its semiconductor equipment business. Since a company that sells no EVs is worth $150 billion, then Applied Materials semiconductor business is being valued at a negative $5 billion dollars…” (Click here to see the full text)